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Category Archives: Form 990-T

IRS Form 7004, officially known as the “Form 7004 – Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns,” is a request for an automatic extension of time to file certain business tax returns. The deadline to file a Business Tax Extension is March 15th. The extension will be granted by the IRS if the business:

Complete IRS Form 7004 properly

Make a proper estimate of the tax (if applicable)

File the form by the due date of the return to which the Form 7004 applies,

Pay any tax that is due.

An IRS Form 7004 can be submitted to automatically extend the filing deadline for 32 different IRS returns. The IRS grants automatic extensions of six (6) months, on the return for which the extension is filed. The eligible returns and length of automatic extensions are listed below: Continue reading →

Exempt Organisations across USA file their income tax returns on 990 series of forms based on the type of business they are into. It is not at all unusual for an organization to need an extension of time to file their Form 990. Sometimes the annual audit isn’t finished, sometimes the CPA is too busy, sometimes the financial records are not yet in order. Whatever the reason, the first extension request is automatically granted. But you still have to file the extension request form on or before the due date of the Form 990. If you are one day late filing the extension request, it is not valid and the IRS will charge a penalty each day the Form 990 is late.

If you have claimed extra time and still you need of some more time to complete your returns you can claim Form 8868 well with in 15th of August.

You cannot ask for 6 months with the first extension. You only get 3 months per request, for a maximum of 6 months. This is the time to file your 2nd request with the IRS. Part 2 of Form 8868 is used to request an additional 3 month extension. You’ll need to give a reason.

If your organization is required to file Form 990-T because it has Unrelated Business Taxable Income, and if you need an extension of time to file Form 990-T, you must file a SEPARATE Form 8868 for the 990-T.

You only need to apply for one extension for the 990-T because the extension that pertains to the 990-T is for 6 months.

The IRS offers automatic 3 months extension to exempt and non-profit organizations that are not required to pay their taxes but file. However, they can always file for an extension through form 8868 and Extensiontax.com is a leading IRS certified service provider helping many organizations file for an extension with ease. Therefore, exempt organizations wanting to file for an automatic 3 months extension (6 months for corporations filing through form 990-T) can do the same online before the time expires. Additionally, trustee of trust required to report to the IRS through form 1041-A or 5227 can use form 8868 to get automatic 3 months extension. It is important to keep in mind that exempt organizations can get additional 3 months extension but only when they are granted the first 3 months extension. Continue reading →

IRS form 8868 has been designed for exempt organizations wanting for 3 months extension for filing their tax return. Moreover, these organizations can apply for an additional (non-automatic) 3 months extension if those three months are not enough for them. However, it is not possible for organizations to file for both automatic and non-automatic extension concurrently The due date to file for an extension through form 8868 falls on May 15th, 2013.

The exempt organizations that qualify to file for form 8868 are charitable organizations, churches and religious foundations, political organizations, private foundations, contributors, etc. Exempt organizations who wish for an extension can both e-file and paper file form 8868 but, it is advisable to choose the former over the later so that the filing process can happen quickly and efficiently. Moreover, filing online saves time, reduces the chances of making errors, and much more. The following forms should be used accordingly when filling for an automatic extension through form 8868.

Form 990: This tax return form is for some federally nontaxable organizations . To add to your knowledge, non-profit organizations that have not received the status of tax exempt, faith-based organizations, religious schools, subsidiary organizations, etc. need not have to file for an extension through form 990.

Form 990 BL: This extension tax return form is for the ‘information and initial excise tax return for black lung benefit trusts and certain related persons’. Tax filers should keep in mind to file form 990 BL by the 15th day of the fifth month keeping in mind the filer’s tax year.

Form 990 EZ: This form is an information return filed annually by organizations exempted from income tax along with political organizations and charitable trusts. Tax filers should remember to file by the fifteenth day of the fifth month to get an extension.

Form 990 PF: Charitable trusts and non-exempt organizations such as private foundations need to file for an extension using form 990 PF in IRS form 8868.

Form 990-T: Businesses involved in charitable trusts come under the exempted organizations list. To get an automatic 3 months extension businesses should file for form 990-T in form 8868. The extension tax return should be filed by the fifteenth day of the fifth month and before the tax year ends.

Form 4720: This is ‘return of certain excise taxes under chapters 41 and 42 of the Internal Revenue Code’. Usually business organizations including certain foreign organizations should file for extension through form 4720 in IRS form 8868. Businesses and individuals should file before the 15th day of the fifth month.

Form 6069: This form is like a worksheet, which is filed by individuals and organizations to report the excess contribution to black lung benefit trust. Tax filers should file before May 15th to get an extension.

The aforementioned pointers provide a brief overview of form 8868 and the several forms that fall under this tax extension form. Visit ExtensionTax.com to get an automatic extension up to 3 months for filing exempt organization tax return.

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